T Raja Kumar: President of Financial Action Task Force (FATF)
T. Raja Kumar of Singapore was recently appointed as the president of anti-money laundering watchdog, Financial Action Task Force(FATF).
- Raja Kumar has replaced Marcus Pleyer.
- He will discharge his service for next two years.
- He will focus on:
- Improving asset recovery
- Enhancing the effectiveness of global anti-money laundering & counter-terrorist financing measures.
- He has been working against global terror financing since long time.
- As soon as he took over the charge, he presented his objectives for Plenary period July 2022 -June 2024, for strengthening the FATF.
Singapore Plenary Years
- During the Singapore Plenary years, the anti-money laundering watchdog will prioritise work in:
- Strengthening Asset Recovery
- Countering Illicit Finance of cyber-enabled crime
- Reinforcing FATF Partnerships with FSRBs
- Increasing Effectiveness of Global AML Measures
- It will continue its core work of identifying and analysing terrorist financing methods & trends, money laundering and developing & refining the FATF Standards.
- It will also evaluate and support the assessments of countries within Global Network.
The Financial Action Task Force (FATF)
Financial Action Task Force is also known as Groupe d’action financière (GAFI) in French. It is an intergovernmental organisation. It was founded in 1989, as an initiative of G7 for developing policies to combat money laundering. In 2001, its mandate was expanded by including terrorism financing.
Objectives of FATF
FATF works with the objectives of setting standards and promoting effective implementation of legal, operational and regulatory measures to combat terrorist financing, money laundering, and other related threats for the integrity of international financial system. It works to generate necessary political will for bringing a national legislative and regulatory reforms across these areas.
Month: Current Affairs - July, 2022
Category: International / World Current Affairs
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